GoPro (GPRO) Files $100M IPO

May 19, 2014 4:57 PM EDT Send to a Friend

(Updated - May 19, 2014 5:00 PM EDT)

GoPro, Inc. (Nasdaq: GPRO) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed maximum offering price is $100 million. The company plans to list on The NASDAQ Global Select Market under the symbol “GRPO.”

The offering is being made via J.P. Morgan, Citigroup, Barclays, Allen & Company LLC, Stifel, Baird, MCS Capital Markets, Piper Jaffray, and Raymond James.

GoPro develops hardware and software solutions to alleviate consumer pain points associated with capturing, managing, sharing and enjoying engaging content.

Financial statements below:

Consolidated statements of operations data: Year ended December 31, Three months ended
March 31,
(in thousands, except per share amounts) 2011 2012 2013 2013 2014

Revenue

$234,238 $526,016 $985,737 $255,057 $235,716

Cost of revenue(1)

111,683 298,530 623,953 165,628 139,202

Gross profit

122,555 227,486 361,874 89,429 96,514

Operating expenses:

Research and development(1)

8,644 36,115 73,737 12,012 28,739

Sales and marketing(1)

64,375 116,855 157,771 35,673 41,341

General and administrative(1)

10,757 20,899 31,573 6,988 9,878

Total operating expenses

83,776 173,869 263,081 54,673 79,958

Operating income

38,779 53,617 98,703 34,756 16,556

Other income (expense), net

12 (407) (7,374) (1,694) (1,625)

Income before income taxes

38,791 53,210 91,329 33,062 14,931

Income tax expense

14,179 20,948 30,751 10,027 3,882

Net income

$24,612 $32,262 $60,578 $23,035 $11,049

Weighted-average shares used to compute net income per share attributable to common stockholders(2):

Basic

73,481 74,226 81,018 80,768 81,582

Diluted

78,551 74,226 98,941 98,457 100,783

Net income per share attributable to common stockholders(2):

Basic

$0.26 $0.07 $0.54 $0.21 $0.10

Diluted

$0.24 $0.07 $0.47 $0.18 $0.08

Pro forma net income per share attributable to common stockholders (unaudited)(2):

Basic

$0.54 $0.10

Diluted

$0.47 $0.08

Pro forma weighted-average shares used to compute net income per share attributable to common stockholders (unaudited)(2):

Basic

111,541 112,105

Diluted

129,464 131,306

Supplemental pro forma net income per share attributable to common stockholders (unaudited)(2):

Basic

Diluted

Supplemental pro forma weighted-average shares used to compute net income per share attributable to common stockholders (unaudited)(2):

Basic

Diluted

Other financial information:

Adjusted EBITDA

$52,873 $75,288 $133,726 $40,923 $28,627

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Table of Contents
(1) Includes stock-based compensation expense as follows:

Year ended December 31, Three months ended
March 31,
2011 2012 2013 2013 2014

Cost of revenue

$122 $333 $690 $220 $168

Research and development

261 1,452 3,003 441 1,401

Sales and marketing

7,690 6,335 5,670 1,204 1,414

General and administrative

902 1,036 1,524 230 1,054

Total stock-based compensation expense

$8,975 $9,156 $10,887 $2,095 $4,037

(2)

See Note 8 of our consolidated financial statements included elsewhere in this prospectus for an explanation of the calculations of our historical basic and diluted net income per share attributable to common stockholders and our pro forma and supplemental pro forma unaudited basic and diluted net income per share.





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